Table 8.

Robustness test results.

Variables	(1)	(2)	(3)	(4)
	Exploratory	Exploitative	Exploratory	Exploitative
DT			0.021**	0.016***
			(0.005)	(0.004)
DT1	0.063**	0.045*
	(0.027)	(0.018)
Controls	YES	YES	YES	YES
Year	YES	YES	NO	NO
Industry	YES	YES	NO	NO
Year × Industry	NO	NO	YES	YES
_cons	− 0.219	− 0.185	− 0.252*	− 0.162
	(0.168)	(0.124)	(0.117)	(0.136)
Obs	13,709	13,709	13,709	13,709
$R^2$	0.149	0.196	0.153	0.221

t-statistics in parentheses: * p < 0.1, ** p < 0.05, *** p < 0.01.